Global IDaaS market (Identity And Access Management-as-a-Service) projected to grow at a CAGR of 25.3% during 2018-2025
Dallas, TX -- (SBWIRE) -- 02/20/2019 -- The global identity and access management-as-a-service (IDaas) market size is projected to be worth USD 7.66 billion by 2025. The demand for identity and access management-as-a-service is expected to grow due to rising need of controlled access systems in increasingly connected and vulnerable enterprises during the forecast period.
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Identity and access management-as-a-service is a framework that allows the cloud service provider to deliver identity and access management in a public cloud. IDaaS is well-suited for industries and organization as it provides cloud features including portability, and pay-per-use service. Organizations and industry participants are becoming more conscious about the role of digital identity management as there is a steep rise in digital workforce. Remote workers who are located outside the corporate network can also access different set of business processes, compounding the risk to organizations.
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Key segments of the global identity and access management-as-a-service (IDaaS) market
Vertical overview, 2014–2025 (USD million)
Banking, Financial Services and Insurance (BFSI )
Regional overview, 2014–2025 (USD million)
Key players analyzed
Ping Identity Corporation
Fischer International Identity
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Use of digital payment is increasing in the banking and financial sector. This in turn has resulted in a growing need for security for the consumers as well as employees and to protect client data through identity and access management (IAM) solutions. Advancing virtualization has resulted in a greater number of banking functions operating online while increasing vulnerability to cyber-attacks. Consequently, the demand for IDaaS is expected to have a high potential growth in this segment over the next few years.
North America dominated the global identity and access management market in 2017. The key reason for high adoption in North America can be attributed to increasing adoption of new trends such as bring-your-own-device (BYOD) that can be used on-the-move. This has led to the increasing adoption of IDaaS patches to provide foolproof security to operations. Asia Pacific is expected to grow at high CAGR during the forecast period. Rising cyber threats and demand of strong identification and authentication by organization is driving cloud identity and access management (IAM) market in the region.
The global identity and access management-as-a-service market is extremely competitive and comprises numerous agile players. Launch of new cloud based products, updating the existing product, acquisitions, merger and expansions are the few strategies implemented by the key players in the market.
In January 2018, Ping Identity formed partnership with KPMG to deliver CIAM solutions to foster digital commerce and digital transition initiatives for enterprises.
In June 2018, InnovoCommerce formed a partnership with Exostar for high assurance, Single-Sign-On Access to the investigatorFIRST Portal.
In March 2016, Google Cloud Platform offered identity and access management roles for users. Cloud based IAM enables big organizations and companies to give access to Google cloud infrastructure to certain people.